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Monoethylene Glycol industry 2020 : Promising Growth Opportunities With Key Companies & Forecast to 2027
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The mono ethylene glycol (MEG) market is witnessing a considerable rise even during the coronavirus epidemic due to the augmented demand for HDPE (high-density polyethylene) and polypropylene materials. Also, the gradual increase in the naphtha cracker demand during the pandemic is increasing the consumption of MEG worldwide. Even though the imposed lockdown in countries across the globe had severely impacted the entire value chain, the MEG industry has been scaling-up higher throughputs.
According to a renowned research firm, Market Research Future (MRFR), the global mono ethylene glycol (MEG) market had valued at USD 26 BN in 2018, which is expected to appreciate further at 5% CAGR throughout the forecast period (2020–2027). Dramatically rising end-use industries, such as textile, packaging, PET manufacturing, and automotive sectors, are driving the market, consuming a massive amount of MEG. The demand for polyester fibers and hence, MEG is likely to increase in the years to follow.
Additionally, factors such as the consumption of MEG-based PET in the manufacturing of water bottles, carbonated drinks bottles, and food packaging, among others, are projected to foster the growth of the market. The packaging industry is witnessing robust growth over the past few years. This trend, as a result, is expected to propel the market growth, continuing to increase the demand for PET. Furthermore, large-scale consumption of the Bio-PET across the regions would provide lucrative opportunities to the bio-based MEG manufacturers during the forecast period.
Conversely, fluctuating crude oil prices are anticipated to hamper the market growth, creating a huge demand-supply gap in the raw materials required for the production of MEG. However, the growing acceptance and popularity of bio-based MEG would support the market growth throughout the review period. Also, boosting the demand for MEG in the production of PET-based products would substantiate the growth of the market. Besides, increasing population, rapid urbanization, and industrialization, worldwide are estimated to act as a major tailwind for the growth of the market.
Mono Ethylene Glycol Market – Segmentations
The report is segmented into four dynamics;
By Technology : Naphtha-based, Gas-based, Coal-based, bio-based, and others.
By Function : Solvent Coupler, Chemical Intermediate, Solvent, Humectants, and others.
By Application : PET Products, Polyester Fiber, Anti-Freeze Coolant, Industrial, and others.
By Regions : Americas, Europe, Asia Pacific, MEA, and the Rest-of-the-World.
Mono Ethylene Glycol Market – Geographical Analysis
The Asia Pacific region dominates the global mono-ethylene glycol market with the largest market share. The rapidly expanding textile and packaging industries in the region led by the increasing per capita disposable expenditure drive the regional market growth, substantially. The region has the packaging industry in the world, which is further expected to multiply on account of the rising demand for hygienic packaging in the pharmaceutical and food sector.
Moreover, the expanding automotive industry in the region is further expected to propel the growth of the regional market during the forecast period. Besides, the increasing demand for polyester fiber, consumer goods manufacturing, and the expanding production capacities in the region are creating huge market demand.
Also, the rapid industrialization in China and India fosters the regional market growth, predominantly, consuming a huge amount of MEG. India, Japan, China, South Korea, and Thailand are projected to become major consumers of MEG products during the years to follow. The region would retain its dominance during the forecast period.
Mono ethylene glycol markets in North America and Europe are too growing significantly. In Europe, stringent regulations imposed on the manufacturing of plastic products by various associations such as Toxic Substances Control Act, European Protection Agency (EPA), and European Union, are driving the demand for bio-based MEG for the manufacture of bio-PET. This is subsequently increasing use of bio-pet in the packaging industry in the regional market. A similar trend would be observed in the North American market during the forecast period.
Global MEG Market – Competitive Landscape
Highly competitive, the mono ethylene glycol market appears fragmented due to the presence of many well-established players. Matured players, along with the small players and new entrants, form a competitive landscape. To gain a large competitive share in the market, players incorporate strategic initiatives such as mergers acquisitions, expansion, collaboration, and product/technology launch. Also, major industry players make substantial investments in R D to develop new manufacturing techniques and products and to drive their expansion plans.
Players active in the global MEG market include Dow (US), SABIC (Saudi Arabia), Royal Dutch Shell PLC (Netherlands), Exxon Mobil Corporation (US), China Petroleum Chemical Corporation (China), Mitsubishi Chemical Corporation (Japan), Petro Rabigh (Saudi Arabia), LyondellBasell Industries Holdings BV (Netherlands), MEGlobal (UAE), NAN YA Plastics Corporation (Taiwan), India Glycols Limited (India), LOTTE Chemical Corporation (South Korea), and Reliance Industries Limited (India), among others.
MAY 11, 2020—- Indian Oil Corporation, a leading petrochemical company, announced that its refineries are to operate at 80% capacity in the second half of the month. The Company has restarted several process units at its refineries that were slowed during the lockdown imposed due to the Corona pandemic. The Company has taken this decision considering the rising demand for petroleum products like HDPE (high-density polyethylene) and polypropylene. Indian Oil also witnessed a gradual increase in the demand for naphtha cracker and MEG (Mono-ethylene-glycol) during the pandemic. Resultantly, the Company has considered the revival of its naphtha cracker unit, which would facilitate a further increase in refinery crude oil throughputs.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Market Research Future®
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